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Poverty & Wealth

Is Obama's Treasury Nominee a Wall Street Shill?

For most of his Wall Street career, the president's nominee to lead the domestic financial has epitomized everything that reeks about financial abuses.

Flickr/Alex E. Proimos
Flickr/Alex E. Proimos I f you want to understand what makes Elizabeth Warren so special in American politics, consider her nervy leadership of the campaign to block President Barack Obama's foolish nomination of one Antonio Weiss to be the top Treasury official in charge of the domestic financial system, including enforcement of the Dodd-Frank Act. For most of his Wall Street career, Weiss has epitomized everything that reeks about financial abuses. As chief of international mergers and acquisitions for Lazard, Weiss orchestrated what are delicately known as "corporate inversions," in which a domestic corporation moves its nominal headquarters offshore, to avoid its U.S. taxes. It's hard to improve on Senator Warren's description of this play, in her Huffington Post blog of last Wednesday: Basically, a bunch of companies have decided that all the regular tax loopholes they get to exploit aren't enough, so they have begun taking advantage of an even bigger loophole that allows them to...

Chaos or Community? Ferguson's Aftermath Calls the Question

This special brand of rage is omnipresent and, at times, all-consuming.

(AP Photo/Charlie Riedel)
(AP Photo/Charlie Riedel) Protesters gather in front of the Ferguson Police Department before the announcement of the grand jury decision about whether to indict a Ferguson police officer in the shooting death of Michael Brown, Monday, November 24, 2014, in Ferguson, Missouri. A Missouri grand jury heard evidence for months as it weighed whether to indict Ferguson police Officer Darren Wilson in the August 9 fatal shooting of Brown. A s I watched the images of burning stores and looting in Ferguson, Missouri, Monday night, I was reminded of the 1965 Watts riots and the 1992 riots in Los Angeles. These uprisings, or rebellions, as they are referred to in certain activist circles, reflected simmering and justified rage beneath the surface of so many blacks. This special brand of rage is omnipresent and, at times, all-consuming. It rarely goes completely away. It becomes muted over time, but is always a Trayvon Martin or Michael Brown incident away from becoming fully combustible. The...

The Next Cool Thing: Great Writing From the Middle of America

Marking its first year in publication, Belt Magazine, with its focus on the industrial Midwest, is the nation's new literary darling.

(AP Photo/Mark Duncan, File)
(AP Photo/Mark Duncan, File) This Tuesday, September 11, 2012, file photo shows the Cleveland skyline taken from the city's Edgewater Park. W hen news outlets and websites write about the industrial Midwest, the coverage can vacillate between boosterism and “ ruin porn ,” often at the expense of telling compelling stories about the people and complexities of cities like Detroit, Cleveland, and Buffalo. Belt Magazine , an online publication based in Cleveland, just celebrated its first anniversary with the release of Dispatches from the Rust Belt , a collection of the magazine’s best content. The American Prospect spoke with Belt ’s editor-in-chief Anne Trubek about the magazine’s first year and its mission to elevate longform writing and first-person essays alongside original reporting and stories from—and for—the Rust Belt. TAP: Where did you grow up and what brought you to Cleveland? And what made you stay for nearly two decades? Anne Trubek: I grew up in Madison, Wisconsin—so not...

We Let Bill Cosby Into Our Homes, So He Owes Us an Explanation

America's once-favorite TV dad needs to take his own advice.

(AP Photo/Matt Rourke)
(AP Photo/Matt Rourke) Entertainer and former classmate Bill Cosby speaks during a public memorial service for Philadelphia Inquirer co-owner Lewis Katz Wednesday, June 4, 2014, at Temple University in Philadelphia. W hile the natural inclination is to separate Bill Cosby’s television character from his real life persona, the show we remember so fondly was not called The Huxtable Show . It was The Cosby Show . We did not really welcome Heathcliff into our homes. We welcomed Bill. It is Cosby, the accused serial rapist of 15 women from whom we await an explanation. He has the time: His planned NBC project was just pulled in the face of these resurfaced allegations. He won’t be cashing any residual checks from shows streamed on Netflix because like any contagion, everything Cosby is associated with is now contaminated. This reckoning particularly stings because of Cosby’s decades-long campaign of respectability politics within the black community. For years he has offered a socially...

How Democrats Can Win Back the White Working Class and Increase Turnout Among Blacks and Latinos

(Photo: Fibonacci Blue via Flickr/Creative Commons License)
(Photo: CNV Sioux Falls, SD Action via Flickr) Demonstrators in Sioux Falls, South Dakota, urge fellow citizens to vote for the November 4 ballot initiative to raise the minimum wage. The demonstration took place on Saturday, September 27. T he voting turnout in this year's congressional and gubernatorial elections was the lowest since 1942. Much of the story was in young people, poor people, black and Hispanic citizens, who tend to support Democrats, voting in far lower numbers than in 2008 or 2012. The Democrats just weren't offering them very much. But the other part of the Election Day story was older voters and the white working class, especially men, deserting the Democrats in droves—again, because Democrats didn't seem to be offering much. Republicans, at least, were promising lower taxes. Turnout on average dropped from 2012 by a staggering 42 percent. But as Sam Wang reported in a post-election piece for The American Prospect , the drop-off was evidently worse for Democrats...

Event Livefeed: The Making of Ferguson with Sherrilyn Ifill and Richard Rothstein

(AP Photo/Charles Rex Arbogast)
On Thursday, November 13, the NAACP Legal Defense Fund (LDF) and the Economic Policy Institute (EPI) host a forum to examine policies that led to the events in Ferguson. Richard Rothstein, contributing writer to The American Prospect and EPI Research Associate, and Sherrilyn Ifill, LDF Director-Counsel, discuss how a century's worth of government housing, zoning, and employment policies are at the root of the tension that erupted in Ferguson after Michael Brown's death. The discussion is not limited to Ferguson, however, as these policies were not unique to that St. Louis suburb; they were, in fact, implemented throughout the nation. Rothstein and Ifill discuss the comprehension and public policies that we need to erase the long, continuing shadow of government-promoted and enforced discrimination . Robert Kuttner, co-founder and co-editor of The American Prospect and co-founder of EPI, moderates. In a timely article for The American Prospect ’s Fall issue and in a report for EPI ,...

Detroit Moves to the Next Phase

(AP Photo/Carlos Osorio, File)
The largest municipal bankruptcy in history has come to a close in Detroit after a year of proceedings, ending in a flurry of compromise. Yet there was plenty of conflict in the last year, far more than could have been predicted. In November 2013, Detroit became the largest city in the country to file for bankruptcy. When the proceedings started, the negotiation of the settlement—and that is really what the bankruptcy became—was a discussion between an emergency manager, from a law firm dedicated to the financial sector, and the financial sector. The people tried to get a seat at the table, but the emergency manager had a monopoly on the information and for the first four months of the process his was the only story available. The people were long on outrage and short on evidence. That all changed when the public became empowered to express its views based on data and analysis. Raw emotion and outrage was the most important factor, but engaging on the issues was essential as a way...

Election 2014: Surge or Theft?

How dark money and voter disenfranchisement combined in a toxic brew that resulted in the lowest voter turnout in more than 70 years, hampering whatever chance Democrats had to win.

(AP Photo/J. Scott Applewhite, File)
(AP Photo/J. Scott Applewhite, File) In this November 6, 2012 file photo, a voter holds their voting permit and ID card at the Washington Mill Elementary School near Mount Vernon, Virginia. Across the South, Republicans are working to take advantage of a new political landscape after a divided U.S. Supreme Court freed all or part of 15 states, many of them in the old Confederacy, from having to ask Washington's permission before changing election procedures in jurisdictions with histories of discrimination. L ast Tuesday’s election was, by any measure, a sweeping victory for the Republicans—their second consecutive midterm sweep since Barack Obama took office, by which they’ve now picked up a total 77 seats combined in the United States House of Representatives and the Senate. In the House they’ve not had a majority this size since Herbert Hoover occupied the White House—and they control more statehouses now than at any time in the nation’s history. But what does that mean—or more...

Progressive Midterm Victories You Didn't Hear About -- And Some That Could Still Happen

Across the nation, voters passed measures against fracking and abortion restrictions, and for the minimum wage, paid sick leave, public safety and gun reform. 

(AP Photo/Tony Gutierrez)
(AP Photo/Tony Gutierrez) Topher Jones, from left, of Denton, Texas, Edward Hartmann, of Dallas and Angie Holliday of Denton, Texas, hold a campaign sign supporting a ban outside city hall, Tuesday, July 15, 2014, in Denton, Texas. A North Texas city became the first in the state to ban hydraulic fracturing when voters passed a ballot measure on November 4, 2014. T uesday’s Republican wave of election victories did not reflect public opinion or the public mood. Instead it was the result of the GOP’s triumph in changing the rules of democracy to favor big business and conservative interest groups, including the triumphs of corporate money and voter suppression. But while Democrat candidates were going down to defeat, liberals and progressive won some impressive but little-publicized victories on important issues—including minimum wage hikes—especially in red and purple states, suggesting that voters are not as conservative as the pundits are pontificating. One of the most significant...

Minimum Wage Measures Pass Easily in Four Red States

In the 2014 midterms, the Democrats' economic agenda fared better than Democrats.

(AP Photo/Carson Walker)
(AP Photo/Carson Walker) South Dakotans decided on November 4, 2014 whether to raise the minimum wage in the state from $7.25 an hour to $8.50. Mark Anderson, president of the South Dakota AFL-CIO, led union members in gathering enough petitions to force a public vote on a minimum wage ballot measure. A s devastating as Tuesday night’s election was for Democrats—Republicans took control of the Senate and won a number of key governor races — it was actually an encouraging night for the progressive economic agenda. In four red states—Alaska, Arkansas, Nebraska and South Dakota—minimum wage ballot initiatives all passed easily . In San Francisco, voters overwhelmingly passed a $15 minimum wage— with notably little opposition from the business community . And in Illinois, voters sent a clear message through a non-binding advisory initiative that they want lawmakers to raise the minimum wage, and fast. Increasing the federal minimum wage from $7.25 to $10.10 has been a major economic...

Democrats Cede Advantage to GOP By Failing to Embrace Pocketbook Populism

(AP Photo/J. Scott Applewhite)
(AP Photo/J. Scott Applewhite) In Kentucky's combative Senate race, Democratic candidate Alison Lundergan Grimes makes an appeal at a campaign rally, Saturday, November 1, 2014, at Transylvania University in Lexington, Kentucky. The results of the closely watched Kentucky contest will be crucial in the midterm election that could shift the balance of power in Congress. W hy are Democrats on the verge of an avoidable mid-term disaster? Some of the reasons include the six-year jinx, in which the president’s party normally loses congressional seats. Some of it is luck of the draw in terms of who is running, with less than stellar candidates such as Bruce Braley in Iowa and Alison Lundergan Grimes in Kentucky. And some if it reflects an electorate turning against an incumbent president who is hunkered down rather than fighting back. Yet that set of alibis lets the Democrats off the hook far too easily. There is a huge amount of unfocused anger and frustration in America, much of it around...

GOP's Neo-Confederate Theocrat Wins Council Seat in One of Richest U.S. Counties

Voters were looking for something new when they elected Michael Peroutka to run as a Republican for a seat on Maryland's Anne Arundel County Council. What they got was something very old—like ante bellum kind of old.

(AP Photo/Kevin Rivoli)
(AP Photo/Kevin Rivoli) Michael A. Peroutka, the one-time presidential candidate of the theocratic Constitution Party, in a debate between third-party presidential hopefuls at Cornell University in Ithaca, New York, Wednesday, October 6, 2004. UPDATE, November 5, 2014 --The subject of this article, Michael Anthony Peroutka, running as a Republican, won a seat on the Anne Arundel County Council in the November 4 election, beating his opponent, by nearly 1,900 votes, according to the Baltimore Sun . The Baltimore Sun O n November 4, 2011, standing on a small stage with Bible verses splashed on the background behind him, Michael Peroutka told a small audience attending his lecture that “when you see and hear folks describe the earth as millions of years old, you know that they are either willfully anti-American, or they are ignorant of their own heritage and history. What I am saying is that the promotion of evolution is an act of disloyalty to America.” Three years later, on November 4...

Will Black Millennials, Faced With Voting Restrictions, Turn Out On Election Day?

North Carolina is closing college polling places. Texas has a forbidding ID law. Ohio curtailed early voting. For African-American students, the obstacles are mounting.

©Jenny Warburg
©Jenny Warburg The North Carolina NAACP’s Moral Freedom Summer organizers, shown here at a Raleigh protest, fanned out across the state to register and educate voters in advance of the November 2014 elections. F rom­ the onset of early voting for 2014 midterm elections, new voting restrictions—inspired by Jim Crow-era poll tests say voting rights experts—began creating havoc nationwide. Not only will this year’s midterms determine which political party controls the U.S. Senate, they’re also critical because contests for 36 governors’ mansions, 435 congressional seats, and the offices of other local officials are on the ballot. This year, it appears there’s a group targeted for exclusion from the voter rolls: minority millennials. In the past two presidential elections, the youth minorities voted heavily, arguably putting President Barack Obama in office. Off-year elections typically see a steep drop-off in turnout; the 2010 midterm election turnout rate for registered young voters (18...

Red State, Blue State: Polarization and the American Situation

The country is stuck but it is not stationary. Some things are changing—just not at the federal level.

(Map: Angr/Wikimedia Commons; Flag: AP Photo/David J. Phillip)
(AP Photo/David J. Phillip) A racing fan waves an American flag as they wait for the Formula One U.S. Grand Prix auto race at the Circuit of the Americas, Sunday, November 2, 2014, in Austin, Texas. This article appears under the title "The American Situation" in the Fall 2014 issue of The American Prospect magazine. A merica, it seems, is stuck—unable to make significant progress on critical issues such as climate change, rising economic inequality, and immigration. To explain that inaction, people often point to political polarization. Democrats and Republicans, liberals and conservatives, are now so sharply opposed to each other that they are unable to find common ground. But while the country is stuck, it is not stationary. Some things are changing; it’s just not at the federal level that the changes are emerging. Polarization leads to stalemate only under certain circumstances—when the two sides in a conflict are closely balanced, and political institutions and procedures (such...

Chart: Values of Homes Owned by African Americans Take Outsized Hit Compared to Those Owned by Whites

Between 2010 and 2013, inflation-adjusted median home values fell by 4.6 percent for white households and 18.4 percent for African American households.

Prince George's County Government
Prince George's County Government Attractive homes line a street in Prince George's County, Maryland. This post originally appeared at the website of the Economic Policy Institute . T hough it is widely believed that home values have stabilized in most areas during the recovery, a recent report by the Federal Reserve found that between 2010 and 2013, the inflation-adjusted median home value for all homeowners declined 7 percent. Even more startling, however, is how unevenly home values have recovered by race of the homeowner. This 7 percent decline in the inflation-adjusted median home value breaks out into a 4 percent decline for both non-Hispanic whites and nonwhites (including Hispanics). But public data from the Survey of Consumer Finances—which provide more detailed race categories—show even starker differences among racial and ethnic groups. Between 2010 and 2013, inflation-adjusted median home values fell by 4.6 percent for white households and 18.4 percent for African American...

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